72.4^3 


9) 

O 


A 


TRIBUTE    to 

Fifty-nine  Years 
Conservative  Adminis- 
tration of  the  Largest 
Accumulation  of  Trust 
Funds     in     the    World 


Digitized  by  the  Internet  Archive 

in  2008  with  funding  from 

IVIicrosoft  Corporation 


http://www.archive.org/details/bankerswilltribuOOnewyrich 


FREDERICK    D.     TAPPEN 


TN  the  last  clause  of  his  will,  after  making 
bequests  to  his  family,  Mr.  Tappen  provides 
for  certain  trusts,  and  instructs  his  executors 
and  trustees  to  invest  the  proceeds  of  his  estate 
only  in  securities  "included  in  the  list  of  invest- 
ments made  by  The  Mutual  Life  Insurance 
Company  of  New  York,  not  limiting  my  said 
executors  and  trustees  or  their  successors  or 
successor  to  such  investments  only  as  trustees 
are  by  law  authorized  to  make." 

The  peculiar  import  of  this  provision  will  be 
understood  by  those  familiar  with  Mr.  Tappen*s 
career  and  with  the  conservative  policy  under 
which  the  investments  of  The  Mutual  Life 
Insurance  Company  of  New  York  are  made. 
Others  may  find  the  following  pages  of  interest 
in  presenting  the  conditions  that  make  significant 
this  tribute  of  confidence. 

Mr.  Tappen  had  no  connection  with  The 
Mutual  Life  Insurance  Company  except  as  a 
policy-holder. 


A/ 
M331710 


T^REDERICK  D.  TAPPEN,  President 
of  the  Gallatin  National  Bank  of  New 
York,  since  1868,  twice  President  of 
the  New  York  Clearing  House  Association, 
Chairman  of  the  Clearing  House  Loan 
Committee  in  1873,  1884,  1893,  ^^^  ^ 
conspicuous  figure  in  the  banking  world 
for  the  last  fifty  years,  died  at  Lakewood, 
N.  J.,  February  28,  1902.  Among  the 
institutions  represented  at  the  funeral  services 
in  All  Soul's  Church,  New  York  City, 
March  3,  were  the  New  York  Clearing 
House  Association,  the  Gallatin  National 
Bank,  the  Union  League,  Union  and 
Metropolitan  Clubs,  the  Red  Cross  Associ- 
ation, the  New  York  Hospital  Association, 
and  the  New  York  Stock  Exchange 


The  following  gentlemen    acted   as  pall 
bearers : 

Thatcher  M.  Adams,  Member  New  York  Stock  Exchange. 

James  W.  Alexander,  President  Equitable  Life  Assurance  Society. 

William  Waldorf  Astor. 

George  F.  Baker,  President  First  National  Bank. 

Stephen   Baker,    President  Bank    of  the    Manhattan    Co.    and 

member  of  Clearing  House  Committee. 
Samuel  G.  Bayne,  President  Seaboard  National  Bank. 
Cornelius  N.  Bliss,  Ex-Secretary  of  the  Interior. 
George  A.  Crocker,   Director  Bank  of  America;  Virginia  and 

Southwestern  Railway  Co. ;  Virginia  Iron,  Coal  &  Coke  Co. 
Col.    Joel    B.    Erhardt,    President    The    Lawyers    Surety    Co. 

Trustee  Bowery  Savings .  Bank. 
Elbridge  T.  Gerry,  Ex-President  Society  for  the  Prevention  of 

Cruelty  to  Children. 
George  G.  Williams,  President  Chemical  National  Bank. 
Adrian  Iselin,  Jr.,  Director  Gallatin  National  Bank. 
Brayton  Ives,  President  Metropolitan  Trust  Co. 
Dr.  E.  L.  Keyes. 
J.  Pierpont  Morgan. 
O.  D.  Munn,  President  Munn  &  Co. 
William  A.  Nash,  President  Corn  Exchange  Bank. 
E.    H.    Perkins,   Jr.,    late    President    Importers    and    Traders 

National  Bank. 
George  R.  Sheldon,  Member  New  York  Stock  Exchange. 
J.  Edward  Simmons,  President  Fourth  National  Bank. 
A.    H.    Stevens,    Vice-President     Astor    National     Bank,    and 

Gallatin  National  Bank. 


AT  a  meeting  of  the  New  York  Clearing 
^  ^  House  Association,  held  in  memory 
of  Mr.  Tappen,  at  the  Clearing 
House,  Monday,  March  i  o,  1 902,  resolutions 
were  adopted  expressing  the  Association's 
appreciation  of  the  great  services  rendered 
the  Association  itself  and  the  banking  in- 
terests of  the  entire  country  by  Mr.  Tappen. 
From  the  addresses  made  by  leading 
financiers,  the  following  extracts  are  made. 


Prratitrttt  of  ^l}e  Oltfratiral  NatUinal  Sank. 


Gentlemen: 

This  meeting  has  been  called  for  the  purpose  of  paying  a 
suitable  tribute  of  respect  to  the  memory  of  our  deceased  friend 
and  associate,   Mr.    Frederick  D.  Tappen. 

Mr.  Tappen  has  filled  almost  every  position  of  consequence 
in  the  Association,  and  we  had  learned  to  trust  him  as  a  leader, 
as  a  strong  and  steadfast  guide,  as  a  pilot  who  would  safely  take 
us  through  the  terrible  anxieties  which  at  times  came  upon  us. 


Ipxeaihtat  of  tift  aTottrtli  Nattanal  »anb- 

This  is  the  first  distinctively  memorial  service  in  the  history 
of  this  Association. 

Frederick  D.  Tappen,  identified  with  this  Association  from 
its  birth,  the  recognized  and  beloved  leader  of  the  bank 
presidents  of  New  York,  amidst  universal  expressions  of  sorrow, 
has  entered  upon  the  rest  which  is  eternal. 

Who  of  us  can  ever  forget  the  great  financial  battle  of  1893 
and  the  glorious  victory  achieved  by  the  Associated  Banks  of 
New  York  under  the  brilliant  generalship  of  Mr.  Tappen. 

In  1895,  when  the  Venezuelan  boundary  question  threatened 
war  between  this  country  and  Great  Britain,  and  in  1896  when 
the  danger  of  a  victory  of  the  free  silver  party  seemed  imminent 
and  a  collapse  of  the  public  credit  was  apprehended,  and  in 
1899,  when  the  failure  of  prominent  financial  institutions  in 
Boston  and  New  York  caused  great  solicitude,  he  rendered 
invaluable  services;  and  last  May  when  the  troubles  in  Northern 
Pacific  stock  created  the  most  intense  alarm,  men  turned  to  Mr. 
Tappen  **  as  the  traveler  turns  to  the  shadow  of  a  great  rock  in 
a  weary  land."  With  keen  perception,  deliberate  judgment  and 
heroic  courage,  he  undertook  to  bring  order  out  of  chaos. 


"Mut-'J^xeBxhrnt  of  Srijp  CJliaBf  National  »anfe. 

Frederick  D.  Tappen,  pursuing  this  quiet  vocation,  all  his 
life  a  banker,  from  sheer  force  of  character,  integrity  of  purpose, 
clearness  of  vision  and  commanding  courage,  became  a  leader 


among  men,  and  in  several  financial  crises  rendered  service  so 
conspicuous  and  meritorious  as  to  approximate  heroism  and  win 
the  applause  of  the  nation. 

His  bank  was  strong,  clean  and  secure.  It  was  not  involved 
in  the  success  or  failure  of  any  scheme.  His  personal  affairs 
were  beyond  the  influence  of  boom  or  panic,  hence,  whatever 
the  crisis,  he  was  a  man  whose  judgment  could  be  brought  to 
bear  uninfluenced  and  unswerved  by  personal  interest,  his  sole 
regard  being  for  the  associated  banks  and  the  public  interests  for 
which  they  stand. 

IfivtBlhmt  of  Eift  National  Sank  of  (Eommexte. 

His  experience  developed  resource.  He  was  fertile  in 
expedients.  His  first  process  was  a  diagnosis.  Then  he  decided 
upon  the  remedy.  He  could  be  deaf  to  the  voice  of  speculation. 
He  was  alert  to  the  first  whisper  affecting  credit.  He  could 
differentiate  sharply  between  a  spirit  which  would  use  the  banks 
and  that  which  would  make  the  banks  more  useful.  For  hysteria 
he  had  no  prescription.  For  genuine  commercial  illness  he  was 
the  devoted  physician. 

He  kept  himself  scrupulously  independent  of  any  set  of 
financial  interests  or  influences  which  did  not  have  their 
beginning  and  end  in  sound  banking. 

IpttBibtnt  of  Eift  Matktt  smh  JTultan  NatUinal  Vank. 

We,  the  members  of  this  Association,  have  watched  his 
goings  and  comings  for  many  years;  we  have  seen  him  spend  his 
time,  his   energy   and  his   best   thought  in  the   interest   of  the 


Clearing  House  and  the  Associated  Banks,  and  we  can  truly  say 
that  in  a  large  measure  the  efficiency  of  the  Clearing  House 
to-day  and  its  importance  to  the  Associated  Banks  are  due  to 
his  unflagging  interest  in  its  behalf. 


|^»Bi2imt  of  Q^tf?  Hinraln  Natumal  IBank. 

There  was  something  so  dramatic,  so  courageous,  in  his 
service  in  1893,  and  it  was  continued  for  such  a  length  of 
time  and  was  of  such  palpable  benefit  to  the  entire  country,  that 
there  came  public  recognition  of  what  he  then  did;  and,  since 
that  time,  his  name  has  been  almost  a  household  word  in 
financial  and  commercial  circles;  and  it  became  typical  of  the 
highest  integrity,  utmost  unselfishness,  and  the  capacity  to  use 
with  the  most  skillful  strategy  the  latent  resources  which  this 
institution  possesses  and  which  are  available  in  time  of  peril 
and  panic. 


THE    NEW   YORK    CLEARING    HOUSE, 

CEDAR    STREET,    NORTH    SIDE,    BETWEEN    BROADWAY    AND    NASSAU    STREET. 

OFFICEKS. 

President :  Secretary : 

JAMES  STJLLMAN,  President  National  City  Bank.  GATES  W.  McGARRAH,  President  Leather 

Manager:    WILLIAM  SHERER.  Manufacturers  National  Bank. 

Assistant  Manager:     WILLIAM  J.  GILPIN. 


CLEABINa    HOUSE    COMMITTEE. 

JAMESIT.  WOODWARD.  President  Hanover  National  Bank.  STEPHEN  BAKER,  President  Bank  of  the  Manhattan  Company. 

CHARLES  H.  FANCHER    President  Irving  National  Bank.  J.  EDWARD  SIMMONS.    President  Fourth  National  Bank. 

DUMONT  CLARKE,  President  American     Exchange  National  Bank. 


THE     NEW    YORK 
CLEARING  HOUSE 


The  importance  of  the  New  York  Clearing  House  in  the 
banking  world  of  the  United  Stales  is  graphically  illustrated 
by  the  following  figures   tor  the  calendar  year    1902: 

Clearings  through  New  York  Clearing 

House    $76,328,189»165 

Clearings   through   all   other  Clearing 

Houses  in  the  United  States 41,268,428,568 


Total     $117,596,617,733 


Clearings  of  New  York  Clearing  House 
exceeded  those  of  London  Clearing 
House  by      $27,488,617,733 


Over  sixty-five  per  cent,  of  the  total  bank  clearings  in 
the  United  States  in  1902  passed  through  the  New  York 
Clearing    House. 

When  the  New  York  Clearing  House  was  organized  in 
1853,  it  was  composed  of 

52  banks,  with  an  aggregate  capital  of $47,000,000 

To-day  it  consists  of 
59  banks,  with  an  aggregate  capital  of   $83,622,700 


Balances  at  the  New  York  Clearing  House  are  now  settled  daily 
instead  of  weekly,  as  was  the  case  before  the  establishment  of  the 
Clearing  House. 


Capital    and    net    profits    of  incorporated 
banking  institutions    in    New   York    City. 

The  fifty-six  Clearing  House  banks  have 

an  aggregate  capital  of     $109,822,700 

(Surplus)  Net  Profits       ...  129,181,300 

Non-member  Banks,  capital  and  net  profits  17,984,300 

Trust  Companies,  capital  and   net   profits  179,677,500 


Total     $436,665,800 

To  this  must  be  added  the  enormous  capital  employed  in 
private  banking  in  this  city. 

The  New  York  Clearing  House,  is  in  the  first  instance,  a 
highly  organized  machine  for  effecting  exchanges  between  its 
members:  Organized  in  1853,  ^°^  ^^^  purpose  of  facilitating  the 
exchange  of  checks  and  drafts,  at  that  time  carried  from  bank 
to  bank  by  porters,  it  soon  broadened  its  powers  so  as  to  give  it 
absolute  power  to  examine,  and  suspend  or  expel  members. 
These  powers  are  largely  exercised  through  the  most  important 
committee  in  the  association,  known  as  the  Clearing  House 
Committee. 

This  committee  can  examine  any  bank,  a  member  of  the 
association,  and  can  demand  from  any  member  securities  deemed 
necessary  for  the  protection  of  balances  against  the  bank  at  the 
Clearing  House.      This  committee  has  discretion  in  the  matter 

10 


of  allowing  members  to  clear  for  an  outside  institution,  and  it 
has  the  same  right  of  examination  over  outside  institutions 
clearing  through  members.  As  all  banking  institutions  of  the 
metropolis  not  members  of  the  Clearing  House  must  clear 
through  some  member,  the  Clearing  House,  through  the  Clearing 
House  Committee  has  practically  within  its  custody  institutions 
through  which  pass  over  sixty -five  per  cent,  of  the  bank 
clearings  of  the  United  States. 

The  Manager,  Mr.  William  Sherer,  is  the  executive  officer  of 
the  Clearing  House,   and    his   assistant  is   Mr.   W.  J.    Gilpin. 

The  admission  fees  are 

Banks  having  $5,000,000  capital  or  under      ...    $5,000 
Banks  having  over  $5,000,000  capital      ...     ...       7,500 

The  expenses  are  apportioned   according  to  the  exchanges 
made  by  the  bank. 

The  service  rendered  by  the  New  York  Clearing  House  to 
financial  interests  and  the  country  at  large  in  time  of  panic,  is 
perhaps  appreciated  only  by  those  who  have  intimate  knowledge 
of  its  operations.  With  the  advent  of  panic,  the  decline  of 
confidence,  the  rise  in  rates  for  money  and  the  contraction  of 
credit  that  follow  a  report  of  crop  failure,  strike  or  war,  hoarding 
of  cash  begins,  bank  deposits  are  withdrawn,  institutions  in  other 
cities  finding  their  resources  dwindling,  draw  upon  their  deposits- 
in  New  York,  and  a  scarcity  of  cash  funds  results. 

New  York  City,  where  over  sixty-five  per  cent,  of  the 
exchanges  of  the  country  take  place,  feels  this  drain  at 
once.  The  banks  must  not  only  pay  out  cash  but  must 
accommodate  customers  with  loans.  They  find  themselves 
"with  an  abundance  of  securities  and  negotiable  instruments 
pledged  by  their  customers  that  would  afford  ample  protection 

11 


in  ordinary  times,  but  the  great  and  pressing  need  is  for  cash,  a 
circulating  medium  that  will  pass  current  from  hand  to  hand 
anywhere  in  the  United  States,  without  reference  to  market 
values  of  stocks  or  bonds.  This  cannot  be  had  except  at  a 
ruinous  premium.  In  1893  one  of  the  largest  New  York  City 
banks  paid  ;^7,ooo  premium  in  one  day  for  ^  100,000  in  bills  of 
small  denominations  to  supply  the  demand  of  its  customers. 
Under  these  conditions  the  remedy  must  be  applied  at  the  center 
of  the  banking  system  of  the  country.  New  York  City,  to 
produce  any  general  relief.  The  Clearing  House  appoints  a 
loan  committee,  usually  consisting  of  five  bank  officers,  and  in 
exchange  for  securities  deposited  by  the  banks,  issues  loan 
certificates  in  denominations  of  five,  ten  and  twenty  thousand 
dollars  in  the  proportion  of  seventy-five  per  cent,  of  the  value  of 
securities  deposited.  These  certificates  are  available  only  for  the 
settlement  of  balances  at  the  Clearing  House,  and  among 
members  cf  the  assoc'.ation,  and  enable  the  banks  to  use  their 
cash  resources  for  the  ordinary  purposes  of  business.  The 
resources  of  all  the  associated  banks  are  thus  combined  for  the 
preservation  of  their  common  credit  and  solvent  institutions  are 
saved  fi-om  failure  and  confidence  restored.  Since  i860,  this 
expedient  has  been  resorted  to  but  eight  times,  and  four  of 
these  issues  were  during  the  Civil  war.  Certificates  to  the 
amount  of  ^168,774,000  have  been  issued  and  redeemed 
w'thout  the  loss  of  a  dollar.  This  loan  committee  has  the 
practical  custody  of  the  credit  of  the  nation  in  times  of  financial 
disturbance. 

In  order  to  inspire  general  confidence,  the  chairman  and 
members  of  this  committee,  must  be  men  known  for  their 
intimate  knowledge  of  the  values  of  securities,  for  their 
familiarity  with  banking  methods,  and  for  their  ability  to  act 
quickly  in  times  of  emergency. 

12 


From    the    Sixtieth    Annual    Report    of 
The  Mutual   Life  Insurance  Company  : 

It  is  interesting  to  observe  that  the  Company's  income  for 
every  eleven  minutes  of  an  average  business  day  is  now  greater 
than  for  the  entire  first  month  of  its  operations,  and  that  it  pays 
to  its  policy-holders  every  business  day  more  than  it  paid  during 
the  entire  first  four  years  of  its  activity. 

The  Company  also  may  take  satisfaction  in  the  fact  that  as 
the  explorer  and  first  cultivator  of  the  great  field  into  which  so 
many  have  since  entered,  it  can  claim  to  have  contributed  no 
little  to  their  successes.  The  United  States  is  the  only  nation 
in  which  life  insurance  on  the  mutual  plan  far  exceeds  in  amount 
all  other  forms;  and  this  is  unquestionably  due  to  the  demonstra- 
tion of  its  value  given  by  the  founders  of  this  Company.  It 
was  also  the  first  to  introduce  in  America  the  principles  of 
actuarial  science  which  have  become  universally  recognized  as 
sound  and  permanent,  and  the  first  to  adopt  those  equitable 
methods  of  adjusting  the  mutual  rights  of  members,  called  the 
Contribution  System  of  Dividends,  which  have  controlled  the 
distribution  of  many  scores  of  millions  of  dollars  among  their 
living  members  by  this  and  other  companies. 

But  the  most  remarkable  development  in  the  history  of  life 
insurance  has  been  that  of  recent  years,  in  which  also  this  Com- 
pany has  led  the  way,  by  which  the  relations  of  the  institution 
to  the  community  have  undergone  a  radical  though  natural  and 
inevitable  change.  In  its  earlier  stages  it  was  regarded  and 
prosecuted  simply  as  a  means  of  protection  against  the  hazard  of 
premature  death.  The  diversion  from  business  capital  of  the 
smallest  sums  which  would  serve  to  meet  this  hazard,  and  their 
careful  accumulation,  were  kept  in  view.      But  the  amounts  thus 

13 


collected  became  important  factors  in  the  financial  world.  The 
highest  skill  was  demanded  and  exercised  in  their  investment  and 
management.  It  was  found  that  in  most  instances  the  safety 
and  productiveness  of  funds  thus  handled  contrasted  advantage- 
ously with  the  results  reached  through  the  ordinary  hazards  of 
business.  It  became  the  obvious  dictate  of  prudence  to  success- 
ful men  in  professional  life  or  trade  to  place  a  substantial  part  of 
their  income  under  the  guardianship  of  such  an  institution.  The 
demand  became  strong  for  plans  of  insurance  which  should 
include  investment  features,  and  enable  men  engaged  in  a  doubtful 
struggle  for  wealth  to  make  sure  of  a  competence.  And  thus 
life  insurance  has  become  an  attractive  form  in  which  to  place  a 
large  share  of  the  savings  of  men  of  substance;  and  the  great  and 
wisely  managed  corporations  engaged  in  it  have  become  the 
largest  holders  of  active  capital  and  directors  of  investment  in  the 
financial  world. 

From  the  Fifty-Ninth  Annual  Report  :  The  practice 
of  this  Company  has  been,  in  seeking  for  investments,  to  look 
firstly  for  entire  security,  and  secondly  for  productiveness  ; 
and  where  a  choice  is  to  be  made  between  different  investments, 
which,  after  a  careful  study  of  their  character  and  of  every 
feature,  promise  equal  security,  always  to  choose  that  from  which 
the  largest  yield  for  the  benefit  of  the  policy-holders  may  be 
expected. 


14 


List     of    Stocks     absolutely    owned    by    the 

Company,    December    31,  1 902 : 

DESCRIPTION.  Par  Value.  Vauiy  N^et. 

American  Exchange  National  Bank $200,000  00  $522,660  00 

Astor  National  Bank 10,000  00  60,333  00 

Atlantic  Trust  Co 100,000  00  300,000  00 

Bank  of  America 100,000  00  500,000  00 

Brooklyn  Trust  Co 71,800  00  287,200  00 

Central  Realty  Bond  &  Trust  Co 150,000  00  900,000  00 

Central  Trust  Co 133,000  00  2,394,000  00 

Chemical  National  Bank 14,000  00  560,000  00 

Commercial  Trust  Co.  of  New  Jersey...  100,000  00  300,000  00 

Consolidated  Gas  Co 1,000,000  00  2,103,300  00 

Continental  Insurance  Co 25,000  00  152,952  50 

Fifth  Avenue  Trust  Co 200,000  00  1,000,000  00 

First  National  Bank 100,000  00  650,000  00 

Gallatin  National  Bank 39,950  00  160,998  50 

Girard  Trust  Co 100,000  00  550,000  00 

Guaranty  Trust  Co 856,400  00  5,138,400  00 

Industrial  Trust  Co 100,000  00  252,500  00 

Lawyers'  Title  Insurance  Co 429,000  00  1,515,785  70 

Morristown  Trust  Co 175,000  00  875,000  00 

Morton  Trust  Co 200,000  00  1,600,000  00 

Mutual  Alliance  Trust  Co 100,000  00  200,000  00 

National  Bank  of  Commerce 2,032,000  00  6,096,000  00 

National  Bank  of  the  United  States 20,000  00  75,291  66 

National  Safe  Deposit  Co 111,500  00  113,362  05 

Title  Guarantee  &  Trust  Co 516,200  00  2,064,800  00 

United  States  Mortgage  &  Trust  Co 1,076,500  00  4,306,000  00 

Brooklyn  City  Railroad 1,247,000  00  3.018,737  60 

Chicago  &  Northwestern  Ry.,  Preferred  450,000  00  1,057,500  00 

Chicago,  Milwaukee  &  St.  Paul  Ry.,  Pref.  2,050,000  00  3,919,600  00 

Delaware,  Lackawanna  &  West'n  R.  R.  100,000  00  251,360  00 

Georgia  Railroad  &  Banking  Co 100,000  00  252,290  00 

Illinois  Central  Railroad 550,000  00  797,500  00 

Massawippi  Valley  Railway 35,000  00  35,728  00 

Morris  &  Essex  Railroad 500,000  00  950,000  00 

N.  Y.  Central  &  Hudson  River  Railroad  500,000  00  760,050  00 

New  York  &  Harlem  Railroad 454,250  00  1,817,000  00 

New  York  Dock  Company  Preferred...  1,787,500  00  811,882  50 

New  York,  New  Haven  &  Hartford  R.  R.  840,000  00  1,764,000  00 

Pennsylvania  Railroad 5,000,000  00  7,725,000  00 

Pittsburg.  Ft.  Wayne  &  Chicago  Ry 600,000  00  1,140,000  00 

Rensselaer  &  Saratoga  Railroad 800,000  00  1,600,000  00 

Sixth  Avenue  Railroad 200,000  00  350,000  00 

Washington  Ry.  &  Electric  Co.,  Pref...  1,650,000  00  742,500  00 

Worcester,  Nashua  &  Rochester  R.  R..  1,663,400  00  2,461,832  00 

Total $26,487,500  00       $62,133,563  51 

15 


List     of    Bonds     absolutely    owned     by    the 
Company,    December    31,    1902: 


NAME.  Par  Value. 


Market 
Value  Net. 


U.  S.  of  America  4%,  1907 $25,000  00  $27,250  00 

Austrian  Govt.  Rentes  4%,  Perpetual...  1,495,750  00  1,480,792  50 

British  Govt.  Consols  2^4% 97,400  00  89,608  00 

Cape  of  Good  Hope  Stock  3>^%,  1949..  48,700  00  48,700  00 

Canadian  Govt.  Bonds  4%,  1903 150,000  00  150,000  00 

Italian  Govt.  Rentes  5%,  Perpetual 1,639,766  60  1,639,766  60 

Prussian  Govt.  Consols  3%,  Perpetual  721,306  60  634,749  81 

Queensland  Govt.  Stock  3%,  1947 50,648  00  45,583  20 

So.  Australian  Govt.  Stock  3%,  1916...  8,084  20  7,275  78 

So.  Australian  Govt.  Stock  3^%,  1920  24,350  00  24,350  00 

Spanish  Govt.  Rentes  5%,  1950 77,200  00  50,340  60 

Tasmanian  Govt.  Stock  3X%,  1921 24,350  00  23,526  97 

Transvaal  Govt.  Bonds  5%,  1942 97,400  00  97,400  00 

U.  S.  of  Mexico  Bonds  5%,  1945 2,416,270  00  2,367,944  60 

Victorian  Govt.  Stock  3%,  1917 24,350  00  22,645  50 

W.  Australian  Govt.  Stock  3>^%,  1910  55,566  70  55,011  03 

Arizona  Territory  5%,  1942 15,000*00  16,180  50 

Province  of  Manitoba  4%,  1929 200,000  00  208,360  00 

Province  of  New  Brunswick  4%,  1921..  69,000  00  69,000  00 

Province  of  New  Brunswick  4%,  1930..  100,000  00  100,000  00 

Province  of  New  Brunswick  4%,  1932..  30,000  00  30,000  00 

Province  of  New  Brunswick  4%,  1932..  20,000  00  20,000  00 

Province  of  Nova  Scotia  4%,  1919 25,000  00  25,000  00 

Province  of  Nova  Scotia  4%,  1920 125,000  00  125,000  00 

Province  of  Nova  Scotia  4%,  1920 250,000  00  250,000  00 

Atchison  County,  Kan.,  5%,  1916 68,000  00  73,195  20 

Chatham  County,  Ga.,  5%,  1903-19 -^7,000  00  49,223  10 

Sedgwick  County,  Kan.,  5%,  1908 200,000  00  207,180  00 

Sedgwick  County,  Kan.,  5%,  1909 50,000  00  52,085  00 

Atlanta,  Ga.,  4>^%,  1922 345,000  00  379,948  50 

Augusta,  Ga.,  4>^%,  1924 84,000  00  89,989  20 

Augusta,  Ga.,  6%,  1915 15,000  00  17,851  50 

Brooklyn,  N.  Y..  3>^%,  1925 100,000  00  103,810  00 

Colorado  Springs,  Col.,  6%,  1905 27,000  00  27,000  00 

Duluth,  Mmn.,  5%,  1913 50,000  00  53,230  00 

Elizabeth,  N.  J.,  4%,  1922 270,000  00  267,300  00 

Guelph,  Ontario,  Can.,  5%,  1910 18,000  00  19,096  20 

Guelph,  Ontario,  Can.,  5%,  1917 97,400  00  108,308  80 

Guelph,  Ontario,  Can.,  5%,  1920 9,000  00  10,102  50 

jersey  City,  N.  J.,  5%,  1903-12 50,000  00  51.500  00 

Jersey  City,  N.  J.,  5%,  1916 75,000  00  80,655  00 

16 


NAME.  Par  Value. 


Market 
Value  Net, 


ersey  City,  N.  J.,  5%,  1910 $70,000  00  $75,278  00 

ersev  City,  N.  J.,  6%,  1904 150,000  00  153,165  00 

emphis,  Tenn.,  ^^%,  1936 750,000  00  806,775  00 

Memphis,  Tenn.,  6%,  1915 55,000  00  64,256  50 

Montreal.  Quebec,  Can.,  3>^%,  1939...  400,000  00  380,240  00 

Montreal,  Quebec,  Can.,  4%,  1925 200,000  00  207,520  00 

Montreal,  Quebec,  Can.,  4%,  1927 165,000  00  171,534  00 

Montreal,  Quebec,  Can.,  4%,  1933 200.136  71  209,162  88 

Nashville,  Tenn.,  5>^%,  1905 200,000  00  206,440  00 

Nashville,  Tenn.,  6%,  1911 35,0U0  00  39,259  50 

Nashville,  Tenn.,  6%,  1913 50,000  00  57,255  00 

Omaha,  Neb.,  5%,  1905 18,000  00  18,410  40 

Omaha.  Neb..  5%,  1905 20,000  00  20,486  00 

Omaha,  Neb.,  5%,  1908 75,000  00  78,367  50 

Ottawa,  Ontario,  Can.,  5%,  1909 40,000  00  42,420  00 

Portland,  Ore.,  5%,  1923 80,000  00  92,648  00 

Richmond,  Va.,  4%,  1924 10,000  00  10,000  00 

Richmond,  Va.,  4%,  1926 1,000  00  1,000  00 

Toronto,  Ontario,  Can.,  47c,  1905 25,000  00  25,000  00 

Toronto,  Ontario,  Can.,  4%,  1910 85,000  00  85,000  00 

Toronto,  Ontario,  Can.,  4%,  1911 75,000  00  75,000  00 

Toronto,  Ontario,  Can.,  4%,  1911 101,000  00  101,000  00 

Atch.Top.&San.FeRy.Deb.4%,1904-14  5.000,000  00  4,785,020  00 

Atch.  Top.  &  San.  Fe  Ry.Gen'l  4%,  1995  6,355,000  00  6,355,000  00 

At.  &  Char.  Air  Line  Ry.  Ex.,  4%,  1907  750,000  00  739.800  00 

At.  &  Char.  Air  Line  Ry.,  1st  7%.  1907  500,000  00  550,100  00 

Atlantic  &  Yadkin  Ry.,  1st  4%,  1949...  450,000  00  427,320  00 

Bait.  &  Ohio  R.  R.,  Pri.  Lien  S}4%,  1925  4,500,000  00  4,185,000  00 

Bait.  &  Ohio  R.R.,  S.W.  Div.  3Ji%,1925  1,000,000  00  870,000  00 

Bait.  &  Ohio  R.R.,  P.L.E.&W.Va.4%1941  500,000  00  470,000  00 

Bait.  &  Ohio  R.  R.,  1st  Cons.,  4%,  1948  750,000  00  750,000  00 

Bangor  &  Aroostook  R.  R..  1st  5%,  1943  500,000  00  588,100  00 

Bway.«&  7th  Ave.R. R., 1st  Cons. 5%,1943  2,000,000  00  2.320,000  00 

Bklyn.,  Q.  Co.  &  S.  R  R.,  1st  5%,  1941  918,000  00  988,135  20 

Canada  Southern  Railway,  2d  5%,  1913  657,000  00  697,339  80 

Central  of  Georgia  Railway,  1st  5%,  1945  2,520,000  00  2,947,644  00 

Central  Pacific  Railway,  1st  4%,  1949..  5,500,000  00  5,445,000  00 

Chateaugay  Railway,  1st  6%,  1907 200,000  00  214,440  00 

Chesapeake  &  Ohio  Ry.,Gen'14>^%, 1992  815,000  00  831,300  00 

Chicago  &  Alton  R.  R.,  Ref.  3%,  1949  1,480,000  00  1,213,600  00 

Chicago  &  Alton  R.  R.,  Col.Tr.  4%,  1907  1,500,000  00  1,469,700  00 

Chi.  &No'westernRy.,Gen'13)^%,1987  325,000  00  325,000  00 

Chi.  &  No'western  Ry.,  Deb.  5%,  1909  25,000  00  26,252  50 

Chi.  &  No'western  Ry.,  Deb.  5%,  1921  1,675,000  00  1,861,595  00 

Chi.  &  No'western  Ry.,  Deb.  5%,  1923  560,000  00  636,440  00 

Chi.  &  No'western  Ry.,  Deb.  6%,  1929  456,000  00  510,720  00 

17 


NAME.  Par  Value.  ^^^^^^^[^ 

Chi.,  B.&  Q.  R.  R.,  So.W.  Div.,47o,1921  $467,000  00  $452,056  00 

Chi.,  B.  &  Q.  R.  R.,  Iowa  Div.,  5%,  1905  894.000  00  907,231  20 

Chi.,  B.  &  Q.  R.  R.,  Deb.  5%,  1913 543,000  00  574,439  70 

Chi.  Mil.  «&N'\vrnRy.,C.&T.D.6%,1905  100,000  00  105,300  00 

Chi.,  R.  I.  &  Pac.  Ry..  Col.  4%,  1903-18  2,000,000  00  1,938,000  00 

Chi.,  St.  P.,  M.  &  0.  Ry.,  Cons.  6%,  1930  500,000  00  675,000  00 

Christopher  &  10th  St. R.R.,  1st 4%,1918  210,000  00  207,816  00 

Cin.,Sand.&  Cleve.R.R.,  Cons. 5%,  1928  500,000  00  560.000  00 

Cleve.,C.,C.&St.L.Rv.,  St.L.D4%,1990  250,000  00  252,500  00 

Cleve.,C.,C.&St.L.Ry.,Gen'14%,  1993  750,000  00  735.000  00 

Cleve.,Col.,C.&Ind.Rv.,Cons.7%,1914  271,000  00  344,928  80 

Columbia&  Greenville  R. R., 1st 6%,1916  156,000  00  183,050  40 

Columbus  Con.  St.  R.  R.,  5%,  1909 143,000  00  146,989  70 

EastTenn.,Va.&Ga.  Ry.,Cons.5%,1930  100,000  00  114,310  00 

Erie  Railroad,  Pa.  Coal  Co., Col.4%,1951  3,000,000  00  2,706,147  00 

Erie  Railroad,  Prior  Lien  4%,  1996 1,000,000  00  980.000  00 

Erie  Railway,  1st  Cons.  7%,  1920 300,000  00  405,000  00 

Evans.&TerreHauteR.R.,Cons.6%1921  250,000  00  295,000  00 

Frem't,  E.  H.  &M.  V.  R.  R.,6%,  1933...  270,000  00  365,067  00 

Gal.,  Har.  &  San  Ant.  Ry.,  1st  6%,  1910  405,000  00  435,375  00 

Georgia  Pacific  Railway.  1st  6%,  1922  172,000  00  210,975  20 

Georgia  R.  R.  &  Banking  Co.,  5%,  1922  1,000,000  00  1,063,400  00 

Ind., Bloom.  &  W.  Ry.,  lstPref.4%,1940  73,000  00  74,795  80 

Ind.,  Dec.  &  W.  Ry.,  1st  5%,  1935 200,000  00  210,000  00 

Ind'polis  &  St.  Louis  Ry.,  1st  7%,  1919  400,000  00  529,520  00 

K.  C,  Ft.  S.  &  M.  R.  R.,  Cons.  6%,  1928  250,000  00  305,000  00 

Long  Island  Railroad,  Unified  4%,  1949  500,000  00  490,000  00 

Long  Island  R.  R.  Ferry,  1st  4j^%,  1922  157,000  00  157,000  00 

Lou.  &N.-SO.  Ry.Monon,Col.47o,1952  1,530,000  00  1,392,300  00 

Manitoba  &So'easternRy.,  1st  4%,  1929  175,320  00  173,445  54 

Metropolitan  Street  Ry.,  Ref.  4%,  2002  2,000,000  00  1,910,800  00 

Metropolitan  Street  Ry.,Gen'15%,  1997  1,500,000  00  1,739,850  00 

Milwaukee  &N.R.R.,  1st  Cons.6%,  1913  800,000  00  944,560  00 

Minn.  &  St.  L.  R.  R.,  Iowa  Ext.  7%,  1909  183,000  00  210,450  00 

Minneapolis  Street  Railway,  2d  6%,  1913  183,000  00  204,667  20 

Missouri  Pacific  Ry.,  Trust  5%,  1917...  1,000,000  00  1,025,000  00 

Mobile  &  Ohio  R.  R.,  1st  6%,  1927 500,000  00  633,700  00 

Morgans  L.  &  T.  R.  R.,  1st  7%.  1918...  250,000  00  326,575  00 

Nash.,  Chat.  &  St.  L.  Ry.,  1st  7%,  1913  371,000  00  454.920  20 

Nash.,  C.&St.L.Ry.,McM.  Br.  67o,  1917  89,000  00  101,753  70 

Nassau  Electric  R.  R.,  Cons.  4%,  1951  915,000  00  768,600  00 

New  England  R.  R.,  Cons.  5%,  1945...  3,000,000  00  3,960,000  00 

New  York  &  Can.  R.R.,  Deb.  4}4%,  1904  450,000  00  451,440  00 

N.  Y.  C.  &  H.  R.  R.  R.,  Bond  Syndicate  480,000  00 

N.Y.C.&H.R.R.R.,L.S.Col.3>^%,1998  10,000,000  00  9,200,000  00 

N.  Y.,  Lack.  &  W.  Ry.,  Ter.  47c,  1923  245,000  00  249.287  50 

18 


NAME.  Par  Value. 


Market 
Value  Net. 


N.Y.,N.H.&  H.R.R.,  Con.Deb.47r,  1903  $3,400,000  00  $5,208,000  00 

N.Y.,  Ont.  &  W.  Ry.,  Notes  5%,  1903-12  500,000  00  500,000  00 

Nor.  &W.  Ry,  Poc.C.  &C.lst4%,  1941  1,500,000  00  1,365,000  00 

Northern  Pacific  Ry.,  Pri.  Lien  4%,  1997  2,400,000  00  2,448,000  00 

Nor.  Pac— Gt.  Nor.  Ry.,  Col.  4Vc,  1921  6,000,000  00  5,610,000  00 

Ocean  Steamship  Co.,  1st  Cons.5%,1920  494,000  00  508,573  00 

Oregon  Short  Line  R.  R.,  Col.  4%,  1927  1,000,000  00  940,000  00 

Oswego  &  Rome  R.  R.,  2d  5%,  1915...  100,000  00  109,660  00 

Pennsylvania  Car  Trust,  3^%,  1903-10  400,000  00  388,840  00 

Pennsylvania  Company,  3>^%,  1903-16  47,000  00  44,180  00 

Pennsylvania  Company,  3^7o,  1941....  325.000  00  302,250  00 

Penn.  R.  R.,  Conv.  Deb.  3>^7o,  1912..  1,250,000  00  1,312,500  00 

Peoria  &  N'western  Ry.,  1st  3>47c,  1926  70,000  00  67,900  00 

Pitts..  C.  C.  &  St.  L.  Ry.,  dyiVc,  1949  500,000  00  460,000  00 

Pittsburg,  McK.  &  Y.  R.  R.,  2d  6%,  1934  300,000  00  414,000  00 

Princeton  &N'west'nRy,,lst3K%,1926  100,000  00  97,000  00 

Reading  Co.,  Jersey  Cen.,  Col.  4%,  1951  1,500,000  00  1,365,000  00 

Richmond  &Danv'leR.R.,Deb.5%,1927  134,000  00  146,448  60 

Richmond  &Danv'le  R.  R.,  1st  6%,  1915  500,000  00  584,150  00 

Rich.,  Y.R.  &  Ches.R.R.,  2d  4}4%,  1910  254,000  00  251,460  00 

Rich.,  Y.  R.  &  Ches.  R.  R.,  1st  5%,  1910  394,000  00  394,000  00 

Rochester  &  Pitts.  R. R. ,  Cons.  6%,  1922  291,000  00  360,840  00 

Rutland  Railroad.  Cons.  4j^%,  1941....  500,000  00  540.000  00 

St.  Louis,  L  M.  &  S.  Ry.,  Ref.  5%,  1929  1,000,000  00  890,000  00 

St.  Paul  &  Duluth  R.  R.,  2d  5%,  1917..  175,000  00  189,280  00 

St.  Paul  &  N.  Pacific  Ry.,  1st  6%,  1923  76,000  00  93,844  80 

St.  Paul  &  N.  Pacific  Ry.,  1st  6%,  1923  162,000  00  200,037  60 

St.  Paul  City  Ry.,  1st  Cons.  6%,  1934..  297.000  00  371,903  40 

Sault  Ste.  M.  &  S.  Ry.,  1st  5%,  1915...  128,000  00  139,072  00 

Second  Ave.  R.  R.,  1st  Cons.  5%,  1948  500,000  00  589.250  00 

Sioux  City  &  Pacific  Ry.,  1st  d)4%,  1936  107,000  00  103,790  00 

Southern  Pac.  R.  R.  ofCal.,  lst67o,  1906  400,000  00  425,800  00 

Southern  Railway,  Cer.  4%,  1903 600,000  00  596,460  00 

Southern  Railway,  Cer.  5%,  1903 3,000,000  00  3,000,000  00 

Southern  Railway,  Cer.  5%,  1903 300,000  00  300,000  00 

Southern  Ry.,  Mem.  Div.,  4}^%,  1996  1,000,000  00  1,120,000  00 

Term'alR.R.  A.  ofSt.L.,  Ist4^%,  1939  173,000  00  189,573  40 

Third  Ave.  R.  R.,  1st  Cons.  4%,  2000..  2,000.000  00  1,940,000  00 

Union  Pacific  Railway,  1st  4%,  1947....  4,450,000  00  4,539,000  00 

Union  Ry.  of  New  York,  1st  5%,  1942..  400,000  00  464,000  00 

Utah  &  Northern  Ry.,  1st  7%,  1908 300,000  00  336,180  00 

Virginia  Midland  Railway,  6%,  1916 250,000  00  289,650  00 

Wabash  Railroad,  1st  5%,  1939 2,000,000  00  2,300,000  00 

Washington  Ry.&  E.  Co.,  Cons.4%,1951  1,650,000  00  1,278,750  00 

Western  Ry.  of  Ala.,  Cons.  4j4%,  1918  1,350,000  00  1,408,185  00 

B'klyn  &  N.  Y.  Ferry  Co.,  1st  6%,  1911  178,500  00  196,314  30 

19 


NAME.  Par  Value. 


Market 
Value  Net. 


Brooklyn  Union  Gas  Co.,  5%,  1945 $1,050,000  00  $1,192,695  00 

Columbia  College,  3%.  1909 250,000  00  242,875  00 

Duluth  Union  Depot  Co.,  1st  5%,  1930  300,000  00  345,000  00 

Equitable  Gas  Light  Co.,  Ct.  5%,  1906  500,000  00  500,000  00 

Equitable  Gas  Light  Co. ,  Cons.  5%,  1932  500,000  00  573,800  00 

Fort  St.Union  Depot  Co.,  1st  4^%,1941  50,000  00  51,110  00 

Hobokeu  Ferry  Co.,  1st  5%,  1946 1,000,000  00  1,074,800  00 

Hudson  Coal  Co.,  4%,  1906-1917 1,100,000  00  1,080,310  00 

Jeff.  &  Clear.  C.  &  I.  Co.,  1st  5%.  1926  738,000  00  774,900  00 

Laclede  Gas  Light  Co.,  1st  5%,  1919....  1,000,000  00  1,060,000  00 

Lehigh  &  Wilkes.  Coal  Co.,  4>^%,  1910  1,800,000  00  1,782,000  00 

Long  Branch  Water  Sup.  Co.,  5%,  1906  100,000  00  101,460  00 

Met.  Opera  &  Real  Est.  Co.,  5%,  1903  800,000  00  800,640  00 

Morris  Aqueduct  Co.,  4%,  1915 65,000  00  65,000  00 

Navigation  Bond  Syndicate 1,200,000  00 

N.  Y.  &  E.  R.  Gas  Co.,  1st  5%,  1944...  250,000  00  280,000  00 

New  York  Dock  Co.,  1st  4%,  1951 2,443,500  00  2,234,825  00 

No.  German  Lloyd  D.  Co.,  1st  4%.  1911  1,355,000  00  1,355,000  00 

Philadelphia  Bourse,  1st  5%,  1913 275,000  00  269,500  00 

Sharon  Estate,  1st  5%,  1903 1,000,000  00  1,000,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1917  460,000  00  460,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1918  974,000  00  974,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1918  101,000  00  101,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4'/.,,  1918  783,000  00  783,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1919  522,000  00  522,000  OO 

U.  S.  Mortgage  &  Trust  Co.,  A%.,  1919  300,000  00  300,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1920  677,000  00  677,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1921  899,000  00  899,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1922  370.000  00  370,000  00 

U.  S.  Mortgage  &  Trust  Co.,  4%,  1922  500,000  00  500,000  00 

W.  U.  Tel.  Co.,  Col.  Tr.,  5%,  1938 1,000,000  00  1,080,000  00 

Total $151,706,998  81  $158,006.  742  51 


20 


The  Seventh  Clause  of  the  will  of  the 
late  Frederick  D.  Tappen,  certified  as 
correct  by  the  Clerk  of  the  Surrogate's 
Court  is  as  follows : 

Seventh.  I  hereby  nominate,  constitute  and  appoint  my 
friends,  Samuel  Woolverton,  at  present  the  Cashier  of  the 
Gallatin  National  Bank,  and  Edward  J.  Hancy,  executors  of 
this  my  last  will  and  trustees  of  all  the  trusts  created  in  and  by 
the  same,  and  hereby  authorize  and  empower  the  said  executors 
and  trustees  or  trustee  for  the  time  being,  and  the  survivors  of 
them  and  their  successors  and  successor,  in  their  or  his  discretion 
at  any  time  to  sell  and  convey  any  real  estate  or  any  interest 
therein  which  I  may  own  at  the  time  of  my  decease  or  which 
may  form  part  of  the  capital  of  any  of  said  trusts  either  for  the 
purposes  of  dividing  or  distributing  my  said  estate,  or  for 
carrying  out  any  of  the  purposes  of  this  my  will,  and  to  invest 
and  reinvest  the  proceeds  of  said  sale  or  any  other  property  held 
in  trust,  or  authorized,  under  this  will,  in  such  investments  as 
trustees  are  by  law  authorized  to  make  and  in  addition  any  such 
bonds,  stocks  and  other  securities  as  in  their  or  his  judgment 
may  constitute  judicious  investments  of  such  trust  fund  or  fiinds, 
giving  preference  in  their  or  his  discretion  to  non-taxable 
securities,  and  provided  further  that  at  the  time  of  making  each 
investment  such  security  shall  be  included  in  the  list  of  invest- 
ments made  by  The  Mutual  Life  Insurance  Company  of  New 
York,  not  limiting  my  said  executors  and  trustees  or  their 
successors  or  successor  to  such  investments  only  as  trustees  are 
by  law  authorized  to  make,  and  I  also  authorize  my  said 
executors  and  trustees  to  retain  any  investments  made  by  me. 

21 


Some    of  the    Trusts   established    in    the 
Will  of  the  late  Frederick  D.  Tappen: 

Fourth.  I  give  and  bequeath  the  sum  of  forty  thousand 
dollars  ($40,000)  to  my  executors  hereafter  named  and  the 
survivor  of  them,  their  successors  and  successor,  upon  trusty 
to  invest  and  reinvest  the  same,  and  to  receive  the  rents,  issues, 
income  and  profits  thereof,  and  to  apply  the  net  income  to  the 
maintenance  and  support  of  my  said  daughter  Grace  Tappen 
Seney,  during  the  term  of  her  natural  life,  and  on  her  death  to 
hold  the  said  trust  fund  upon  trust  to  receive  the  rents,  income, 
issues  and  profits  thereof,  and  apply  the  net  income  thereof 
to  the  maintenance,  education  and  support  of  her  daughter 
Phoebe  A.  Seney,  during  the  term  o{  her  natural  life. 

Fifth.  In  case  my  said  wife  shall  survive  me,  I  give,  devise 
and  bequeath  all  the  rest,  residue  and  remainder  of  my  estate, 
real  and  personal  whatsoever  and  wheresoever  situated,  to  my 
executors  hereinafter  named,  and  the  survivor  of  them,  and 
their  successors  and  successor,  upon  trusty  to  invest  and  reinvest 
the  same  and  receive  the  rents,  issues,  income  and  profits 
thereof,  and  to  apply  the  net  income  to  the  use  of  my  said  wife 
during  the  residue  of  her  natural  life,  and  on  her  death  to 
divide  the  said  residuary  estate  into  as  many  equal  parts  or 
shares  as  I  may  leave  daughters  (other  than  the  said  Grace 
Tappen  Seney)  and  the  lawful  issue  of  any  other  daughter  who 
may  have  died  before  me  leaving  lawful  issue  her  surviving,  such 
issue  of  a  deceased  daughter  together  representing  their  mother 
in  such  division. 

22 


In  Witness  Whereof,  I  have  hereunro  set  my  hand  and 
seal  this  nineteenth  day  of  December,  in  the  year  of  our  Lord 
one  thousand  nine  hundred  and  one. 

Frederick  D.  Tappen,  [seal] 

Signed,  sealed,  published  and  declared 
by  the  said  testator  Frederick  D. Tappen 
as  and  for  his  last  will  and  Testament 
in  our  presence,  who,  in  his  presence, 
at  his  request  and  in  the  presence  of 
each  other  have  hereunto  subscribed 
our  names  as  attesting  witnesses  the  day 
and  year  last  above  written. 

George  F.   Butterworth, 

104  East  30th  Street,  New  York  City. 
Francis  Smyth, 

930  West  End  Avenue,  New  York  City. 
Arthur  W.    Andrews, 

69  West  10 1st  Street,  New  York  City, 


23 


State  of  New 
County  of  Ne 


'  York,     ^ 

>•  ss. : 
w  York,    \ 


I,  J.  Fairfax  McLaughlin,  Clerk  of 
the  Surrogate's  Court  of  said  County,  do 
hereby  certify  that  I  have  compared  the 
foregoing  copy  of  the  last  Will  and  Testa- 
ment of  Frederick  D.  Tappen,  deceased, 
with  the  original  record  thereof  now 
remaining  in  this  office,  and  have  found 
the  same  to  be  a  correct  transcript  there- 
from and  of  the  whole  of  such  original 
record. 


In  Testimony  Whereof,  I  have  here- 
unto set  my  hand  and  affixed  the  Seal  of 
the  Surrogate's  Court  of  the  County  of 
New  York,  this  24th  day  of 
April  in  the  year  of  our  Lord 
one  thousand  nine  hundred 
and  two. 

J.  Fairfax  McLaughlin, 

Clerk  of  the  Surrogate's  Court. 


U 


From  Elbridge  T.  Gerry,  Ex- President  Children's  Aid 
Society,  Trustee  Fifth  Avenue  Trust  Company,  The  Mutual 
Life  Insurance  Company  of  New  York,  Director  Newport 
Trust  Company. 


2  East  Sixty-first  Street. 

April  5,  1902. 
Dear  Mr.   McCurdy: 

I  enclose  (what  you  may  have  seen)  a  notice  of  the  greatest 
tribute  of  confidence  yet  paid  our  Company.  Compliments 
fi-om  the  living  are  often  insincere — those  from  the  dead,  never. 

Always  cordially  yours, 

Elbridge  T.  Gerry. 

Richard  A.  McCurdy, 

President,  etc. 


*5 


From  Hon.  Frederic  P.  Olcott,  President  of  the  Central 
Trust  Company  of  New  York,  formerly  Comptroller  of  the 
State  ot  New  York. 


CENTRAL  TRUST  CO. 

56  Wall  Street,   New  York. 

May  8,    1902. 
Dear  Mr.   McCurdy  : 

Mr.  Tappen's  example  could  well  be  followed  by  all  who 
leave  their  estates  in  trust.  In  naming  as  a  model  of  sound 
financiering  the  securities  of  The  Mutual  Life  Insurance 
Company  he  has  pointed  a  new  way  of  aiding  trustees  to  safe- 
guard the  funds  left  in  their  keeping. 

F.   P.   Olcott. 

Mr.   Richard  A.   McCurdy, 

President,  etc. 


26 


From  Hon.  Levi  P.  Morton,  President  of  the  Morton  Trust 
Company,  formerly  representative  from  Nev^r  York  in  the 
Congress  of  the  United  States,  Governor  of  the  State  of  New^ 
York,  United  States  Ambassador  to  France  and  Vice-President 
of  the  United  States. 


MORTON  TRUST  CO., 

38  and  40  Nassau  Street,  New  York. 

May  8,    1902. 

Dear  Mr.    McCurdy  : 

This  provision  in  Mr.  Tappen's  will  is  particularly  impressive 
in  that  it  is  the  expression  of  a  judgment  ripened  by  half  a 
century's  study  of  investment  securities.  No  one  knew  better 
than  he  the  pitfalls  that  beset  the  path  of  trustees — the  tempta- 
tions to  increase  revenue  by  taking  a  little  extra  hazard.  That 
he  not  only  set  up  The  MuCual  Life  Insurance  Company's 
investments  as  a  model,  but  specifically  limited  his  executors  to 
that  list  in  investing  his  trust  funds,  is  the  highest  endorsement 
that  could  be  given  to  faithful  trusteeship. 


Levi  P.   Morton. 


To  Richard  A.    McCurdy, 

President,  etc. 

21 


Lazard  Speyer-Ellissen,  Speyer  Brothers, 

Frankfort  ^Main.  London. 

SPEYER     &     CO. 

30  Broad  Street. 

Cable    Address  :    Spy,   New  York. 

Mail  Address:  P.  O.  Box  477. 

New  York,  May   12,  1902. 

Richard  A.  McCurdy,  Esq.,  President, 

The  Mutual  Life  Insurance  Company  of  New  York, 
City. 
My  dear   Mr.  McCurdy: 

The  safe  and  proper  investment  of  money  always  causes 
more  or  less  anxiety,  and  the  best  advice  obtainable  is  eagerly 
sought  and  highly  prized.  The  opinion  of  the  late  Mr. 
Frederick  D.  Tappen  upon  financial  investments  was  greatly 
respected;  and  when  I  read  in  the  daily  newspapers  a  digest 
of  Mr.  Tappen' s  will,  in  which  he  directs  that  his  estate 
shall  be  invested  only  in  those  securities  which  appear  upon  the 
list  of  the  investments  of  The  Mutual  Life  Insurance  Company, 
I  feel  that  a  great  help  has  been  given  to  investors,  and  that 
in  following  the  restrictions  placed  upon  Mr.  Tappen' s 
executors,  individuals  will  be  pursuing  a  wise  and  conservative 
course  in  their  investments. 

Yours  very  truly, 

James  Speyer. 
28 


DELAWARE,  LACKAWANNA  &  WESTERN    RAILROAD   COMPANY. 


W.    H.    TRUESDALE, 

PRESIDENT, 

NEW  YORK  CITY. 


May   13,  1902. 
My  dear  Mr.  McCurdy  : 

Mr.  Tappen  represented  all  that  was  best  in  the  banking 
world.  He  kept  his  bank  free  from  entangling  alliances.  His 
influence  was  always  on  the  side  of  conservatism.  He  was 
himself  the  administrator  of  many  estates  and  understood  the 
sacred  nature  of  such  a  trust.  When,  therefore,  he  placed  in 
his  will  the  instructions  that  all  funds  left  by  him  in  trust  for  his 
wife  and  children,  be  invested  only  in  such  securities  as  were  on 
the  list  of  investments  of  The  Mutual  Life  Insurance  Company, 
he  provided  for  his  executors,  what  in  his  mature  judgment,  was 
the  safest  guide  in  the  world.  Mr.  Tappen' s  action  is  certainly 
a  great  tribute  to  The  Mutual  Life  Insurance  Company. 

Yours  very  truly, 

W.   H.   Truesdale, 

President. 

Mr.  Richard  A.  McCurdy, 

President  The  Mutual  Life  Insurance  Company, 
New  York  City. 

29 


550I 


